TARRYTOWN, N.Y. — New York City-based SL Green Realty Corp. has disposed of a two-building, Class A office property, located at 100 and 120 White Plains Rd. in Tarrytown, for $48 million. The focal point of the 9-acre property is the Christiana Building, a six-story, 205,000-square-foot building located at 120 White Plains Rd. It features a circular driveway in front of the building, a fountain, a stainless steel sculpture and an enclosed parking garage. Building amenities include high-end marble finishes throughout the lobby, terraces with panoramic views and a 5,000-square-foot dining facility. The other building, located at 100 White Plains Rd., is a four-story, 1920s-era, colonial-style mansion that now contains 6,000 square feet of office space. The buyer was locally based Juster Development.
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BEDFORD, TEXAS — Primary Realty Assets LP, an affiliate of Fort Worth, Texas-based Mallick Group, has acquired a five-story, 87,000-square-foot office building located at 2701 Brown Trail in Bedford. The property had been vacant for more than 1 year. The seller, Boise, Idaho-based Pleasant Valley LP, was represented by Steve Shrum of Dallas-based Glacier Commercial Realty. Primary Realty Assets acquired the property on behalf of the company’s Private Wealth Fund for an undisclosed amount.
SAN DIEGO — San Diego-based The Shidler Group, on behalf of its entities Buie San Jacinto LLC and 3949 & 3959 Ruffin Road LLC, has completed the disposition of Ruffin Road Business Park, a two-building complex located at 3949 and 3959 Ruffin Road in San Diego. H.G. Fenton Property Company acquired the 45,842-square-foot office property for $8.6 million. At the time of acquisition, the property was 91 percent occupied. Major tenants include United Tote, Access Professional Inc. and Nsoro LLC. Nick Psyllos and Paul Komadina of CB Richard Ellis represented both parties in the transaction.
EL SEGUNDO, CALIF. — El Segundo-based Theriac Enterprises has acquired a 12,682-square-foot office building located at The Edge at El Segundo in El Segundo. The building is slated for completion in September 2009. The buyer, an oncology and radiation treatment center, plans to occupy the entire facility, which is being developed by Thomas Properties Group. Gary Weiss and Dustin Ballard of Madison Partners represented the buyer; Bob Heeley of CB Richard Ellis represented the seller, AMB DFS El Segundo LLC, in the transaction.
ANNE ARUNDEL COUNTY, MD. — St. John Properties will commence construction on its 260,000-square-foot BWI Technology Park II this fall. Located at the interchange of MD 295 and Nursery Road in Anne Arundel County, the park will include four flex research and development buildings totaling 190,000 square feet. A 61,200-square-foot office building and 13,000 square feet of retail space round out the project. The facility is being constructed on reclaimed land that was previously littered with spent and discarded car and truck tires. St. John will pursue Silver LEED certification for the new buildings, which will join an existing 600,000-square-foot property at the interchange. Delivery of the first flex building is expected by next summer.
COLUMBIA, S.C. — Michigan-based KIRCO has broken ground on Innovista Holdings’ 110,000-square-foot Horizon II office building. The property, part of downtown Columbia’s Innovista center, will cost between $20 and $25 million. A health research building and two parking decks have already been built at the site, with the five-story Horizon I office building and the five-story Discovery I slated for completion next year. Horizon II, which will also deliver next year, will serve as office space for companies that are collaborating with University of South Carolina researchers.
NAPLES, FLA. — PLL Development has sold 37,882 square feet of retail and office space to Charleston Square of Naples LLC for $10.7 million. The property is located at 1400 Gulfshore Blvd. in Naples. Investment Properties Corp.’s David J. Stevens brokered the transaction.
CHICAGO — Chicago-based developer Golub & Co., with its financial partner BlackRock, has secured more than $100 million in refinancing for its 22 West Washington property located in downtown Chicago. The new loan for the building, which is situated within Block 37, was provided by ING Real Estate Finance US. The office tower was completed in June, and is 90 percent leased. Tenants at the building include Morningstar Inc., Chicago CBS Channel 2 and SKG Private Equity. Michael Newman and Michael Goldman represented Golub & Co. in-house in the transaction.
NEW YORK CITY — Cohen Financial has secured $5 million in financing for a leased-fee interest in 557 Broadway, a 10-story, approximately 112,500-square-foot office building located near Washington Square Park in New York City. The building is currently owned by Scholastic Corp., which uses it as the company’s international headquarters. The ground lease is owned by a private family via a tenant-in-common structure. The ground floor of the property features 50 feet of frontage along Broadway and Mercer Street; the ground floor and mezzanine levels are occupied by a 6,700-square-foot Scholastic Company Store, which sells Scholastic products. The basement level contains a 299-seat auditorium, and floors three through 10 align with and expand the existing floors of the neighboring 555 Broadway building. Howard Taft and Charles Penan of Cohen Financial’s Miami office arranged the financing. The non-recourse loan carries a 6-year term with interest-only payments and an interest rate below 6.25 percent. The lender was Principal Global Investors.
ARLINGTON, TEXAS — Sperry Van Ness has brokered the sale of Arlington Towers, an 82,000-square-foot, Class B office property located at 1600 E. Pioneer Pkwy. in Arlington. Originally built in 1979, the five-story tower is currently 77 percent occupied by a tenant roster that includes JPMorgan Chase Bank, Iverson Business School, Jordan Health Services, Road Manager Financial Services and Southside Financial Group. Bruce Marshall of Dallas-based Sperry Van Ness | DataVest and Bob Johnson of Atlanta-based Sperry Van Ness | AREP represented the seller, Atlanta-based Mithani Properties. Johnny Lawrence of Charlotte, N.C.-based Carolina Capital represented the Florida-based buyer. The acquisition price was not disclosed.